What is The Permian Basin?
The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico.
It covers an area approximately 250 miles wide and 300 miles long, composed of over 7,000 fields.
The Permian Basin produces over 1 million barrels of oil every day and accounts for 20 percent of production in the lower 48 states, 68 percent of Texas' total production, and 80 percent of Texas' reserves.
Job Creation in the Permian Basin
As of February 2019, Midland led the nation in job growth. Employment increased almost 12 percent, over seven times the national average.
Mining and logging gained 34,300 jobs between August 2017 and August 2018.
Economic Impact of Oil and Gas in the
Permian Basin
The Motley Fool, a personal finance website, reported that the five leading companies in the Permian Basin included:
Occidental Petroleum
About 2.5 million acres, 269,000 barrels of oil equivalent per day (BOE/d)
Chevron
About 2 million acres, 175,000 BOE/d
Apache
About 1.7 million acres, 161,000 BOE/d
ExxonMobil
About 1.75 million acres, 158,000 BOE/d
Concho Resources
About 600,000 acres, 150,000 BOE/d
Since it began in 1921, The Basin produced 29 billion + barrels of oil and it looks like it is only going to produce more.
The US now holds more oil reserves than Saudi Arabia, in part because of the Permian Basin. This means that more and more companies will be flocking here to gain access to the highly valuable energy resources.
The Economy, Jobs, and Transporting Goods, Leads to Fatal Motor Vehicle Accidents in the Permian Basin
The Odessa District ranked sixth in the state for total number of fatal crashes.
- It accounts for only 1.5 percent of the state population, but accounts for 15 percent of the total fatal commercial motor vehicle crashes.
With more people on the roads traveling to or from work, and increased amount of trucks transporting materials or product leads to more truck accidents & fatal car accidents.
93 people were killed in truck accidents in 2017 on the Texas-side of the Permian Basin alone, which was a 43 percent increase from 2012.
The Odessa District ranked first out of all districts in the number of fatal commercial motor vehicle crashes with 80.